Tue, 20 Nov 07
Investors are keeping an eagle eye on
Investors in property looking to secure a piece of real estate in Cyprus, whether as a retirement home or as a buy-to-let property to serve the army of tourists who descend on the sun-blessed Mediterranean island every year, will have been keeping an eye on the economy.
The news is good for
Like any country planning to enter the Euro,
"Our forecast is for a surplus of about 1.5 percent of gross domestic product. It could be more or less, but approximately the figure will be about there,'' the Financial Mirror reported him as saying.
In addition, he said, public debt is falling, while economic growth is expected to remain a very healthy 4.3 per cent in 2008, although the fairly high inflation rate meant tax cuts would have to be ruled out.
Thus those looking to
Property an ‘economic mainstay’
This point was made economist Dr Stelios Platis, who told the Cyprus Mail that the industry had now overtaken tourism as the mainstay of the economy, accounting for 20 per cent compared with 17 per cent for holidaymakers.
He stated that Cypriots themselves were not only culturally driven to be homeowners themselves, but this made economic sense in the current property market climate in the country, saying: "The returns are healthy so it makes good business sense."
Such sense, Dr Platis noted, has been picked up on by overseas investors, noting that "as high as 20 per cent of immobile property on the island is owned by foreigners". If
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